Welcome to our dedicated page for Radius Recycling news (Ticker: RDUS), a resource for investors and traders seeking the latest updates and insights on Radius Recycling stock.
Radius Recycling, Inc. (NASDAQ: RDUS), formerly known as Schnitzer Steel Industries, Inc., stands as a prominent figure in North America's recycling and steel manufacturing industry. Established in 1906 in Portland, Oregon, the company has evolved from a small, one-man scrap metal operation into a major player in the market, boasting a diversified and vertically integrated business model.
Radius Recycling specializes in the recycling of ferrous and nonferrous metals, including end-of-life vehicles, and the manufacture of finished steel products. Their operational network comprises 54 metals recycling facilities, 50 self-service auto parts stores, and an electric arc furnace steel mill. This extensive infrastructure enables Radius to meet global demand efficiently.
Key Business Units:
- Metals Recycling Business: Processes a substantial quantity of recycled ferrous and nonferrous metals, significantly contributing to environmental sustainability and resource conservation.
- Auto Parts Business: Operates 50 retail stores selling serviceable parts from salvaged vehicles, receiving over 4 million annual visits from retail customers.
- Steel Manufacturing Business: Produces a variety of finished steel products, including rebar and wire rod, using eco-friendly electric arc furnace technology.
Despite the challenges posed by tight supply flows and adverse weather conditions impacting sales volumes, Radius Recycling has demonstrated resilience and adaptability. Recent productivity initiatives aim to reduce selling, general, and administrative expenses by 10%, alongside increasing production efficiencies, expected to yield $40 million in annual benefits.
Recent Financial Highlights:
- Revenue: Achieved $2.5 billion in fiscal 2014, reflecting robust market presence and operational efficiency.
- Global Reach: Positions in 25 states, Puerto Rico, and Western Canada, with deep-water export facilities expanding its market access.
- Strategic Initiatives: Focused on enhancing nonferrous production and expanding recycling services, positioning the company favorably against market headwinds.
Under the leadership of Tamara Lundgren, Chairman and CEO, Radius Recycling remains focused on cost control, operational efficiency, and strategic growth. The company's commitment to sustainability and low-carbon technologies aligns with global decarbonization trends, positioning Radius to capitalize on future market opportunities.
Partnerships and Projects: Radius continues to invest in advanced metal recovery technologies and expand its recycling platform, supporting its mission of promoting environmental sustainability and efficient resource use.
The company will report its financial results for the second quarter of fiscal 2024 on April 4, 2024, with a webcast conference call hosted by Tamara Lundgren and Stefano Gaggini, Senior Vice President and CFO, to discuss the results.
Radius Recycling (NASDAQ: RDUS) reported its financial results for Q3 fiscal 2024, ending May 31, 2024. The company experienced a net loss of $199 million, translating to a loss per share of $(6.97), attributed mainly to a $216 million non-cash goodwill impairment charge. Adjusted EBITDA improved to $9 million from $3 million in the prior quarter, driven by higher nonferrous and ferrous sales volumes and productivity improvements, though offset by lower ferrous prices. Adjusted loss per share was $(0.59), improving from $(1.04) in Q2. Nonferrous sales prices rose by 10%, while ferrous prices declined by 9%, reflecting divergent market trends. Rolling mill utilization increased to 88% from 81% in the prior quarter. The Board declared a quarterly dividend of $0.1875 per share, payable on August 5, 2024. The company also announced an amendment to its credit agreement, providing relaxed financial covenants and secured revolving credit facilities up to $800 million.
Radius Recycling (NASDAQ: RDUS) will announce its financial results for the third quarter of fiscal 2024, which ended on May 31, 2024, on July 2, 2024. A webcast conference call to discuss the results is scheduled for the same day at 11:30 a.m. Eastern Time. The webcast and accompanying slide presentation can be accessed via the company's investor relations webpage. The call will be hosted by Chairman and CEO Tamara Lundgren, along with Senior VP and CFO Stefano Gaggini.
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